THE Circuit of Wales, due to be built in Ebbw Vale, this week cleared the final barrier to its development after the Welsh government accepted its planning application.
A one million sq. ft. technology park alongside the circuit is still waiting to go through final planning.
The Circuit of Wales project is estimated to be worth around £315m. With a contract to host the British MotoGP round from 2015 to 2019, it is expected to bring world-class motorsport to the venue, along with thousands of fans each year.
Despite this recent positive development, it is still uncertain when building will commence, with Silverstone set to host the British MotoGP in 2016.
A statement read:
'Today, the Heads of the Valleys Development Company (HOTVDC) confirmed that the S16 application has been accepted clearing the final planning hurdle for the Circuit of Wales development.
'After an extensive and robust eight-day Public Inquiry, sitting in March 2015, approval by the Deputy Minister for Farming and Food Rebecca Evans AM has permitted land previously designated as ‘common’ to be deregistered into private ownership.
'Throughout the Public Inquiry, Circuit of Wales presented detailed plans for substantial on and offsite mitigation highlighting the suitability of replacement land, which will lead to improved maintenance and ease of access.'
One of the most important features of the Circuit of Wales is the 'overall enhancement of nature conservation', which will 'benefit as a result of the proposal as a whole,' said Planning Inspector Emyr Jones
With the approval of the application, HOTVDC revealed that the required financing package is in place to support the project for the full amount. Financial backers are also in the process of completing due diligence.
Once due diligence has been completed, the supporters of the project will be publicly announced and detailed construction timelines revealed.
Michael Carrick, CEO of HOTVDC concluded: 'We would like to thank local councils, Welsh Assembly Members and the local community who have supported the project throughout the planning process up to this point.
'The Circuit of Wales has the ability to generate thousands of employment opportunities, attract greater long-term investment and deliver regeneration into Blaenau Gwent and South Wales.'
Following the end of the judicial review period, and once construction and finance contracts have been finalised, on-site activity will commence.
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